HomeMy WebLinkAbout033 - 09/17/1991 - AUTHORIZING THE SALE OF CERTIFICATES OF PURCHASE ISSUED BY THE LARIMER COUNTY TREASURER FOR UNPAID S ORDINANCE NO. 33, 1991
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE SALE OF CERTIFICATES
OF PURCHASE ISSUED BY THE LARIMER COUNTY TREASURER
FOR UNPAID SPECIAL ASSESSMENTS IN
THE BOARDWALK SPECIAL IMPROVEMENT DISTRICT #77
WHEREAS, Section 23-111 of the Code of the City of Fort Collins authorizes
the City Council to sell certificates of purchase at less than the face value
of the certificates, so long as the Council finds by ordinance that such sale
is in the best interest of the City and so long as prior notice has been given
under Section 23-111 of the Code to all persons having an interest in the
property for which the certificates of purchase were issued or in the proceeds
of the proposed sale; and
WHEREAS, the Harmony Presbyterian Church (the "Church") has requested that
the Council sell to the Church certain certificates of purchase owned by the
City; and
WHEREAS, the Church has agreed to pay the total sum of Fifty-Six Thousand
Four Hundred Seventy-Two and 31/100 Dollars ($56,472.31) for tax certificates
of purchase #45455 and #45456, which amount represents the principal amount of
the assessment levied against the Church property for improvements constructed
through the Boardwalk Special Improvement District #77 ("the Assessment") ; and
WHEREAS, prior notice of this sale has been given in accordance with
Section 23-111 of the Code; and
WHEREAS, the Council has previously established a Special Assessments Debt
Service Fund Reserve ("the Reserve") for the purpose of satisfying certain bonded
indebtedness of the City with respect to special assessment bonds; and
WHEREAS, sufficient funds exist in the Reserve to pay all accrued interest
and penalties due on the assessment.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
1 . That the Council hereby finds that the notice requirements contained
in Section 23-111 of the Code have been met;
2. That it is in the best interests of the City to sell , and the
Financial Officer of the City is hereby authorized to sell ,
certificates of purchase #45455 and #45456 to the Harmony
Presbyterian Church for the sum of Fifty-Six Thousand Four Hundred
Seventy-Two and 31/100 Dollars ($56,472.31) ;
3. That the proceeds of the sale of the certificates of purchase
shall be deposited into the 1989 Consolidated Street
Improvement District Fund ("the Bond Fund") ;
4. That the sum of Fifty-four Thousand Two Hundred Seventy-two
and 52/100 Dollars ($54,272.52) , representing accrued interest
and penalties due on the certificates, is hereby appropriated
from the Special Assessment Debt Service Fund for deposit into
the Bond Fund.
5. That the amount of One Hundred Ten Thousand Seven Hundred
Forty-four and 83/100 Dollars ($110,744.83) deposited into the
Bond Fund pursuant to Sections 3 and 4 above shall be applied
to the payment of the bonds issued by the City to fund the
construction of Boardwalk Special Improvement District No. 77
improvements or the refunding bonds subsequently issued by the
City.
6. That the amount of Five Hundred Three and 52/100 ($503.52) is
hereby appropriated from the Special Assessment Debt Service
Fund to be used to pay the commission owed to the Larimer
County Treasurer for the sale of the Church property.
7. That the sale of the certificates to the Church authorized
herein is contingent on the Church paying the aforementioned
sum of Fifty-six Thousand Four Hundred Seventy-two and 31/100
Dollars ($56,472.31) to the City no later than October 11,
1991. In the event that the Church fails to fully pay this
amount on or before that date, the City shall have no
obligation to sell the certificates to the Church, and the
City may thereafter pursue all legal and equitable rights and
remedies which would normally be available to the City in
order to recover the full amount of the assessment against the
Church property, together with all accrued interest penalties
and costs of collection.
Introduced, considered favorably on first reading, and ordered published
this 19th day of March, A.D. 1991, and to be presented for final passage on the
17th day of September, A.D. 1991 .
,�10
'Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 17th day of SepteffLber, A.D. 1991 .
Mayor
ATTEST:
City Clerk